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Portland Real Estate Update By Rob Levy

Portland Real Estate Update Sept'15

The Portland metro area saw slightly cooler real estate activity in August, but all measures remain strong. Pending sales (3,347) ended 23.8% stronger than the 2,704 offers accepted in August 2014, although 4.2% lower than the 3,494 offers accepted last month in July 2015. The last August there were more pending sales in August for the Portland metro area was in 2005, when there were 3,771 offers accepted for the month. Closed sales (3,098) fared similarly, 19.8% above the 2,586 closings posted in August 2014 but 10.3% under the 3,452 closings posted in July 2015. New listings, at 3,880, were 8.3% stronger than the 3,581 new listings offered last August but 9.2% lower than the 4,273 new listings posted last month in July 2015.

Inventory rose slightly in August to 1.9 months. Total market time decreased slightly, to 41 days. There are currently a total of 5,837 active residential listings in the Portland metro area. Year to Date Summary Activity has been higher in 2015 than in 2014 across the board. Pending sales (24,784) are up 24.4%, closed sales (22,026) are up 21.8%, and new listings (30,314) are up 8.5% for the year thus far. Average and Median Sale Prices Prices continue to rise in 2015 compared to 2014. Comparing each year through August, the average sale price rose 6.2% from $332,600 to $353,200. In the same comparison, the median sale price rose 7.0% from $285,000 to $305,000.

Our home of the month is a classic Eastmoreland home on a large corner lot. Only the 2nd time on the market in it's life, this home is over 3600SF with five bedrooms, two baths and is in need of cosmetic upgrades.  Check it out by clicking here!

Survey Says... Wealth Accumulation via Real Estate

There are various surveys out there right now all pointing to wealth accumulation from owning real estate.  Several of them were merged into one survey showing the bears predictions, the bulls predictions and the average.  All show an increase in home prices accompanied by a decrease in debt which means more equity for homewowners.  The bottom line is the average increase in home apprectiation on a national level expected by 2019 is 18.1%.  This means an average home in Portland (currently $353,200 should be worth around $420,000 in 2019!

How Much Has Rent Gone Up Anyway...

 This chart says it all, and to imagine if you bought this house when the chart started in 1988 it would be almost paid for now.  At the Rob Levy team, we do sell a significant amount of investment homes.  I own many myself and we "speak investor talk" being very familiar with the tax advantages, and 1031 tax exchanges, depreciation, etc.  An article just today in the Oregonian talks about rents, and how high they have become locally in just the last few years, you can read it here....

Call us today if you are thinking now might be the time to purchase a rental home.